Tuesday, August 12, 2008

A Few More Potential Shorts to Add to the List

After going through my scans, I did add some more shorts to the watchlist. As I said earlier, however, I need to see the market follow-through to the downside tomorrow before adding other shorts. With volume being down today, this is so far just a normal pullback. I am watching $21 on the XLF and today's close on the S&P for signals as to where we go from here.

Here are the shorts I am watching. Many of the charts look similar.

Travel and Casinos: RCL, MGM, PENN

Airlines or Transports(only if oil moves higher): NWA, AMR, ABFS

Banks: ZION, WB, FNH, KBE, KEY, USB, MI, EV, STI, XLF, CINF, FMBI, PACW, EWBC, BBT, WBS, MTB, FITB

Others: ALO, OFI, IIIN, NEU

Check these out and perhaps you can find some you like. Again, we have to wait for a little more downside confirmation - this market has a way of bouncing right when you think it is ready to fall of a cliff, so just be careful. See you tomorrow.

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